What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is filed by persons and/or businesses. It is a total discharge of most debts EXCEPT:

• child support obligations;
• monies owed to government entities, including the IRS and student loans; and
• criminal judgments.

Filing a Chapter 7 bankruptcy provides freedom from most previous debt for a fresh start on life.

Q.  Can I file Chapter 7 and still keep my house?
A.  Yes, if you are current on your payments.

Q.  How long do I have to reside in Florida before I can file for bankruptcy in Florida?
A.  At least 6 months; each state has different exemptions. The exemptions apply based on where you reside currrently.

Q.  If I file for bankruptcy, is my credit ruined forever?
A.  No. Bankruptcy starts you off back at "square one" with the credit reporting agencies. This enables you to rebuild your credit without the majority of your bad debt and/or late payments hanging over your head.

Contact my office to schedule a free attorney consultation if you're considering the option of filing for Chapter 7 bankruptcy. I will explain to you the bankruptcy process, what documents are necessary, and what you can expect.

Considering Filing for Bankruptcy?

If you find yourself having to choose between buying groceries and medications or paying the bills, then filing for bankruptcy may be an option for you. Bankruptcy becomes a viable option for those who've come to the point where money is so tight that choices have to be made between paying for the basic necessities of life or paying the mortgage and medical/electric/credit card bills.

Indicators that bankruptcy should be considered:

• Pending garnishments
• Foreclosure proceedings
• Overwhelming medical bills
• Debt collector, debt collection agency calls
• Debt that far exceeds current income
• Subpoenas from your credit card companies, mortgage company

Many people make the choice to file for bankruptcy not because of irresponsible choices made in the past, but because of the current state of the economy, inability to find work, extenuating personal circumstances, or the ending of unemployment benefits. Bankruptcy is the legal solution to wipe away most debt and begin with a fresh start.

Chapter 7 bankruptcy is filed for individuals and businesses. Know that when a Chapter 7 is filed, an "automatic stay" goes into effect the date of the filing--this stops garnishments, litigation, and harrassing phone calls (although litigation can continue once the party contacts the bankruptcy court to have the automatic stay lifted.)

Call my office for a free attorney consultation if you're thinking bankruptcy may be the option for you. I will explain the process, what documentation is necessary to initiate the process, and what you can expect after discharge.